Empower Federal Credit Union Mortgage Rates, Fees & Info

Syracuse, NY

LEI: 549300YKTME1U7Z0UN20

Tax ID: 15-0547278

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Mortgage Data

Review & Overview

Empower Federal Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Empower Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Syracuse, Auburn, Rochester, Binghamton, and Utica among others. We have data for 44 markets. (Some data included below & more in-depth data is available with an active subscription.)

Empower Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Empower Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.75% 3/28/24
30 Year Conventional Purchase 6.32% 3/28/24
30 Year Conventional Refi 6.11% 3/28/24
30 Year Cash-out Refi 6.21% 3/28/24
15 Year Conventional Purchase 5.66% 3/28/24
15 Year Conventional Refi 6.24% 3/28/24
15 Year Cash-out Refi 6.24% 3/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Empower Federal Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Empower Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

3,465

Origination Dollar Volume (All Markets)

$379,825,000

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
SYRACUSE, NY (FHA|USDA|VA) 2,886 $302,910,000 $104,958 $2,598 3.46%
Auburn, NY (FHA|USDA|VA) 118 $11,110,000 $94,153 $2,156 3.82%
ROCHESTER, NY (FHA|USDA|VA) 53 $8,995,000 $169,717 $2,673 3.30%
BINGHAMTON, NY (FHA|USDA|VA) 86 $8,630,000 $100,349 $2,140 4.00%
UTICA-ROME, NY (FHA|USDA|VA) 79 $8,515,000 $107,785 $2,694 3.64%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 64 $7,880,000 $123,125 $2,527 4.18%
ITHACA, NY (FHA|USDA|VA) 2 $6,780,000 $3,390,000 $0 3.83%
Outside of Metro Areas 17 $2,665,000 $156,765 $2,151 4.55%
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 16 $2,340,000 $146,250 $2,562 3.17%
ELMIRA, NY (FHA|USDA|VA) 38 $2,070,000 $54,474 $2,023 3.79%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 7 $1,705,000 $243,571 $6,055 3.14%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,320,000 $330,000 $6,180 2.72%
Corning, NY (FHA|USDA|VA) 4 $1,220,000 $305,000 $2,363 3.53%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 8 $1,140,000 $142,500 $2,541 3.22%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 6 $1,050,000 $175,000 $4,559 2.92%
Cortland, NY (FHA|USDA|VA) 9 $1,045,000 $116,111 $3,498 2.72%
Amsterdam, NY (FHA|USDA|VA) 17 $1,025,000 $60,294 $1,905 3.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $1,015,000 $338,333 $4,940 2.96%
Gloversville, NY (FHA|USDA|VA) 6 $880,000 $146,667 $2,986 3.37%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $830,000 $415,000 $8,035 2.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $690,000 $345,000 $5,228 3.31%
Seneca Falls, NY (FHA|USDA|VA) 5 $585,000 $117,000 $2,988 4.72%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $520,000 $260,000 $13,561 3.19%
Ogdensburg-Massena, NY (FHA|USDA|VA) 6 $480,000 $80,000 $2,054 3.37%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $445,000 $445,000 $7,740 3.75%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $405,000 $135,000 $5,338 5.12%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $315,000 $315,000 $1,648 3.00%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,061 3.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $275,000 $275,000 $6,319 3.50%
Olean, NY (FHA|USDA|VA) 2 $260,000 $130,000 $4,491 3.63%
Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.00%
BURLINGTON, NC (FHA|USDA|VA) 1 $245,000 $245,000 $4,629 3.13%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $235,000 $235,000 $5,427 3.13%
NEW BERN, NC (FHA|USDA|VA) 1 $235,000 $235,000 $4,101 2.88%
GLENS FALLS, NY (FHA|USDA|VA) 2 $210,000 $105,000 $1,718 3.56%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $205,000 $205,000 $6,275 3.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,886 3.25%
Oneonta, NY (FHA|USDA|VA) 2 $200,000 $100,000 $4,492 3.88%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $195,000 $195,000 $3,967 2.63%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $145,000 $145,000 $2,553 2.38%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $145,000 $145,000 $3,958 3.63%
Sayre, PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.00%
Batavia, NY (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.25%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $15,000 $15,000 $0 4.99%
Empower Federal Credit Union's top markets include Syracuse, Auburn, Rochester, Binghamton, and Utica among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Empower Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    CFCU Community Credit Union
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,134 $277,190,000 $129,892 $2,614 3.62%
    HELOC 1,331 $102,635,000 $77,111 n/a 3.33%

    For 2021, Empower Federal Credit Union's most frequently originated type of loan was Conventional, with 2,134 originations. Their 2nd most popular type was HELOC, with 1,331 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 884 $55,830,000 $63,156 $333 3.83%
    Home Purchase 878 $130,480,000 $148,610 $3,393 3.26%
    Refi 732 $100,320,000 $137,049 $2,576 3.04%
    Cash Out Refi 679 $76,795,000 $113,100 $3,010 3.40%
    Other 292 $16,400,000 $56,164 $160 4.67%

    For 2021, Empower Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 884 originations. The 2nd most popular reason was Home Purchase, with 878 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,136 $223,300,000 $104,541 $3,583 3.30%
    15 Year 702 $97,950,000 $139,530 $2,077 3.76%
    10 Year 243 $16,065,000 $66,111 $929 4.55%
    20 Year 190 $27,600,000 $145,263 $3,683 2.81%
    5 Year 115 $3,715,000 $32,304 $0 4.86%
    Other 71 $9,695,000 $136,549 $3,319 3.44%
    30+ year 8 $1,500,000 $187,500 $6,397 2.94%

    For 2021, Empower Federal Credit Union's most frequently cited loan duration was 30 Year, with 2,136 originations. The 2nd most popular length was 15 Year, with 702 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,233 $110,175,000 $89,355
    $1k-2k 514 $73,170,000 $142,354
    $2k-3k 221 $35,615,000 $161,154
    $3k-4k 77 $15,215,000 $197,597
    $5k+ 27 $8,245,000 $305,370
    $4k-5k 25 $6,045,000 $241,800

    Empower Federal Credit Union's average total fees were $3,583, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,233 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 1,405 $156,715,000 $111,541
    3-4% 946 $126,520,000 $133,742
    <2.5% 419 $54,215,000 $129,391
    4-5% 393 $27,525,000 $70,038
    5-6% 127 $5,895,000 $46,417
    Over 8% 82 $4,100,000 $50,000
    6-7% 64 $3,240,000 $50,625
    7-8% 29 $1,615,000 $55,690

    During 2021, Empower Federal Credit Union's average interest rate for loans was 3.30%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,405 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,951 $107,875,000 $55,292 $1,461 3.82%
    $100k-200k 1,188 $164,280,000 $138,283 $3,228 3.11%
    $200k-400k 295 $74,665,000 $253,102 $4,545 2.99%
    $400k-600k 15 $6,965,000 $464,333 $7,814 2.97%
    $1MM+ 8 $19,680,000 $2,460,000 $0 3.74%
    $600k-1MM 8 $6,360,000 $795,000 $14,643 3.81%

    2021 saw Empower Federal Credit Union place emphasis on $100,000 or less loans with 1,951 originations, totaling $107,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 904 $81,410,000 $90,055 $2,507 3.47%
    $50k or less 769 $62,235,000 $80,930 $2,421 3.57%
    $100k-150k 685 $81,495,000 $118,971 $2,941 3.48%
    $75k-100k 649 $64,395,000 $99,222 $2,400 3.57%
    $150k-250k 336 $48,550,000 $144,494 $3,091 3.37%
    $250k+ 57 $11,215,000 $196,754 $3,824 3.08%

    Empower Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 904 originations. The second most popular income band? $50k or less, with 769 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 837 $83,875,000 $100,209 $2,560 3.32%
    30-36% 612 $66,660,000 $108,922 $2,750 3.47%
    <20% 333 $33,695,000 $101,186 $2,513 3.12%
    50-60% 201 $16,655,000 $82,861 $1,809 4.13%
    36% 137 $12,825,000 $93,613 $2,489 3.61%
    39% 132 $12,950,000 $98,106 $2,647 3.58%
    40% 124 $13,610,000 $109,758 $2,615 3.81%
    38% 123 $13,735,000 $111,667 $3,090 3.51%
    37% 122 $11,740,000 $96,230 $2,313 3.73%
    41% 113 $11,585,000 $102,522 $2,858 3.37%
    44% 112 $14,880,000 $132,857 $3,353 3.38%
    43% 100 $10,540,000 $105,400 $2,759 3.44%
    42% 96 $10,320,000 $107,500 $2,984 3.69%
    49% 81 $7,835,000 $96,728 $2,671 3.66%
    47% 71 $7,005,000 $98,662 $2,298 3.81%
    48% 66 $6,410,000 $97,121 $2,324 3.89%
    45% 63 $7,145,000 $113,413 $2,700 3.57%
    46% 62 $5,680,000 $91,613 $2,187 3.61%
    >60% 45 $3,995,000 $88,778 $2,233 3.98%

    Empower Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 837 originations. The next most common DTI ratio? 30-36%, with 612 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,044 $308,840,000 $101,459 $2,554 3.50%
    Not applicable 32 $28,230,000 $882,188 $0 4.03%
    Not provided 141 $17,475,000 $123,936 $3,215 3.15%
    Black 165 $16,225,000 $98,333 $2,895 3.89%
    Asian 46 $5,450,000 $118,478 $3,033 3.14%
    American Indian 28 $2,770,000 $98,929 $2,491 3.77%
    Native Hawaiian or Islander 6 $500,000 $83,333 $0 4.71%
    Other Pacific Islander 1 $155,000 $155,000 $2,097 3.00%
    Other Asian 1 $135,000 $135,000 $0 3.00%
    Asian Indian 1 $45,000 $45,000 $0 4.24%

    Approval Rates

    Total approvals of all applications
    85.41%

    Empower Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.98%

    Empower Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,465 $379,825,000 $109,618

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,465 $379,825,000 $109,618

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 809 $52,185,000 $64,506 $679 3.92%
    40-60% 543 $57,465,000 $105,829 $2,275 3.28%
    60-80% 833 $140,405,000 $168,553 $3,369 3.03%
    80-100% 772 $113,900,000 $147,539 $3,439 3.32%
    Under 20% 508 $15,870,000 $31,240 $0 4.14%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    EMBRACE HOME LOANS Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 40.0%
    EMBRACE HOME LOANS Conventional home mortgage Closing on a mortgage 1 20.0%
    EMBRACE HOME LOANS Conventional home mortgage Trouble during payment process 1 20.0%
    EMBRACE HOME LOANS VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%